Experian vs. Rocket Money: A Comprehensive Review

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Experian vs. Rocket Money: A Comprehensive Review

Never has it been more important to manage your money. With so many tools out there it’s hard to choose which one to use. Experian and Rocket Money are two of the big ones.

Table of Contents

Overview Experian vs. Rocket Money

Experian is one of the three major credit reporting agencies in the US. They offer a range of services centre around credit monitoring, identity theft protection and credit scoring. Experian’s main focus is on giving users their credit reports and scores so they can understand and manage their credit profile.

Rocket Money (formerly Truebill is a personal finance app to help you manage your subscriptions, lower your bills and track your spending. Rocket Money aims to make financial management easier by giving you a full picture of your finances so you can save money and stay within budget.

Key Features: Experian

Credit Monitoring
- Real-Time Alerts: Experian alerts you in real-time for any changes to your credit report, like new accounts, credit limit changes or suspicious activity.
- FICO Score Updates: You get updates on your FICO score, the score lenders use to determine creditworthiness.
Credit Reports
- Detailed Reports: Access to Experian credit reports and for premium users, reports from all 3 bureaus (Experian, Equifax, TransUnion).
- Credit Report Lock: Lock and unlock your Experian credit report to prevent access.

Credit Score Boost

Experian Boost: A feature that allows you to add utility and phone bill payments to your credit history to potentially boost your credit score.

Protect Your Identity

Dark Web Scanning: We do the scanning for you.
Identity Theft Help: We’ve got your back if you get hacked.
Financial Tools
Loan & Credit Card Match: Loans and credit cards matched to your credit score.
Credit Education: Learn and improve your credit

Financial Tools

- Loan and Credit Card Match: Loan and credit card recommendations based on your credit score.
- Credit Education: Educational resources to help you understand and improve your credit.

Key Features: Rocket Money

Subscription Management

- Subscription Tracker: Automatically finds and lists all your subscriptions so you can see what you’re paying for.
- Cancel Service: Allows you to cancel unwanted subscriptions right in the app.

Bill Negotiation

- Bill Reduction: Rocket Money negotiates with service providers to lower your bills (cable, internet, phone, etc.) and save you money.
- Refunds: Helps you get refunds for bank fees and other errors.

Expense Tracking

- Spending Breakdown: Where your money goes.
  Budgeting: Set budgets and track to your goals.
  Savings and Investments
  Savings Goals: Set and achieve savings goals by automating the savings process

Savings and Investments

- Savings Goals: Helps you set and achieve savings goals by automating the savings process.
- Investment Tracking: Tools to track and monitor your investments so you can see your overall financial health.

Financial Health Score

- Personalized Insights: A financial health score based on your spending, saving and investing habits with tips to improve your financial wellbeing.

User Experience Experian

Experian’s interface is clean and simple, focused on showing you the credit info that matters most. The dashboard shows your credit score front and center along with any recent alerts or changes to your report. Browsing through the different features (like viewing detailed reports or locking your credit) is easy. The educational resources and credit score simulators are great for users who want to improve their credit understanding and scores.

User Experience Rocket Money

Rocket Money wins in user experience with its clean modern interface. The app’s dashboard shows you a complete view of your finances (subscriptions, bills, spending habits) and the bill negotiation and subscription cancellation services are seamless so you save time and money. The expense tracking and budgeting tools are visual and easy to use so managing your finances isn’t scary.

Pricing Experian

Experian offers both free and paid plans:

Free Plan: Get your Experian credit report and FICO score plus real-time alerts.
Experian Identity Works Plus: $9.99/month, daily credit monitoring from Experian, identity theft insurance and dark web surveillance.
Experian Identity Works Premium: $19.99/month, monitoring from all 3 bureaus and additional identity theft protection services.

Pricing Rocket Money

Rocket Money has a flexible pricing model where you pay what you think is fair for premium features, which is usually $3 to $12 a month:

Free Plan: Subscription tracking, basic expense tracking and budgeting tools.
Premium Plan: Bill negotiation, subscription cancellation and advanced financial insights.

Pros and Cons

Experian

Pros:

Full credit monitoring and reporting.
Real-time alerts and credit score updates.
Experian Boost can help boost your credit score.
Good identity theft protection.

Cons:

Premium features are pricey.
Main focus is on credit management, not overall financial health.

Rocket Money

Pros:

Good subscription management and bill negotiation.
Easy to use and full financial tracking.
Flexible pricing.
Saves you money and helps you manage expenses.

Cons:

Limited credit monitoring and improvement
Relies on third party services for bill negotiation.

Which One?

If you want to monitor and boost your credit score, go with Experian. It has full credit monitoring, detailed reports and identity theft protection.
If you want to save money, manage subscriptions and have control over your finances, go with Rocket Money. It has subscription tracking, bill negotiation and expense management.

Summary

Experian and Rocket Money both offer services for different parts of financial management. Experian is great for credit monitoring and identity theft protection if you’re focused on your credit health. Rocket Money has more tools if you want to save and manage your money.

Up to you. What part of your financial health do you want to focus on and choose. Either Experian or Rocket Money and you’ll be more stable and at peace.